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Investments in Unconsolidated Subsidiaries | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Subsidiaries | Investments in Unconsolidated Subsidiaries Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting. Our investment ownership percentages in equity method investments vary, generally ranging up to 50.0%. The following table represents the composition of investment in unconsolidated subsidiaries under equity method of accounting and fair value option (dollars in thousands):
Investment type |  |  | September 30, 2022 |  | December 31, 2021
Real estate investments |  |  | $ | 617,099 |  |  | $ | 453,813 |
Investment in Altus Power, Inc.: |  |  |  |  |
Class A common stock (22 million shares) |  |  | 270,342 |  |  | 229,900 |
Alignment shares (1) |  |  | 121,549 |  |  | 114,727 |
Private placement warrants (2) |  |  | — |  |  | 23,741 |
Subtotal |  |  | 391,890 |  | 368,368
Other (3) |  |  | 452,298 |  |  | 373,907
Total investment in unconsolidated subsidiaries |  |  | $ | 1,461,287 |  |  | $ | 1,196,088 |
_______________ (1)The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common shares based on the achievement of certain total return thresholds on Altus Class A common shares as of the relevant measurement date over the seven fiscal y ears following the merger. As of March 31, 2022 (the first measurement date), 201,250 of alignment shares automatically converted into 2,011 shares of Class A common stock, which were issued on April 11, 2022. (2)On September 21, 2022, we exercised all of the private placement warrants on a “cashless basis” and receive 2,552,390 shares of Class A common stock based on a 0.2763 conversion rate. (3)Consists of our investments in Industrious and other non-public entities. Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenue | $ | 688,584 |  |  | $ | 636,229 |  |  | $ | 1,916,277 |  |  | $ | 2,098,850 |
Operating income | 280,290 |  |  | 375,655 |  |  | 745,676 |  |  | 1,082,656 |
Net income (1) | 937,221 |  |  | 909,341 |  |  | 3,889,302 |  |  | 2,386,276 |
_______________ (1)Included in net income are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in revenue and operating income.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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